A loan of $700 helped to purchase firewood.

Bayasgalan's story

R. Bayasgalan is 46 years old and lives with his wife and three sons in Uvurkhangai province, Mongolia. He and his family live in a traditional Mongolian tent called a "ger." His oldest two sons currently help with the family business and his youngest is in high school. Bayasgalan operates a transport service and raw materials trading business in his town. He transports goods and supplies for people from his province to Ulaanbaatar, the largest city and capital of Mongolia. Sometimes he purchases coal and firewood from local suppliers in order to sell it to residents in the city. Bayasgalan started his business in 2003 and has made much progress over the years. His business is growing fast and he is thankful he has his sons to help him keep up with growing demand. Bayasgalan is a very open-minded person who has good communication skills. He is focused on the continued success of his business and says, "With my business earnings I want to open a grocery shop in my town." He is requesting a 1,000,000 tugrug loan to purchase firewood to sell.

About XacBank:

XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save.

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